Heritage Wealth Management Inc. Has $775,000 Holdings in Diamondback Energy, Inc. (NASDAQ:FANG)

Heritage Wealth Management Inc. cut its stake in shares of Diamondback Energy, Inc. (NASDAQ:FANG) by 2.1% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 4,730 shares of the oil and natural gas company’s stock after selling 100 shares during the period. Heritage Wealth Management Inc.’s holdings in Diamondback Energy were worth $775,000 as of its most recent SEC filing.

Other institutional investors have also made changes to their positions in the company. Assenagon Asset Management S.A. grew its stake in Diamondback Energy by 1,153.0% in the fourth quarter. Assenagon Asset Management S.A. now owns 1,132,918 shares of the oil and natural gas company’s stock valued at $185,606,000 after acquiring an additional 1,042,505 shares during the period. Zimmer Partners LP acquired a new position in Diamondback Energy in the third quarter valued at about $87,924,000. Bank of New York Mellon Corp grew its stake in Diamondback Energy by 13.7% in the fourth quarter. Bank of New York Mellon Corp now owns 4,163,070 shares of the oil and natural gas company’s stock valued at $682,036,000 after acquiring an additional 502,916 shares during the period. Holocene Advisors LP grew its stake in Diamondback Energy by 95.3% in the third quarter. Holocene Advisors LP now owns 938,474 shares of the oil and natural gas company’s stock valued at $161,793,000 after acquiring an additional 457,896 shares during the period. Finally, Diamond Hill Capital Management Inc. grew its stake in Diamondback Energy by 25.6% in the third quarter. Diamond Hill Capital Management Inc. now owns 2,158,910 shares of the oil and natural gas company’s stock valued at $372,196,000 after acquiring an additional 439,579 shares during the period. 90.01% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

FANG has been the subject of a number of research analyst reports. Wells Fargo & Company boosted their target price on Diamondback Energy from $218.00 to $219.00 and gave the company an “overweight” rating in a research note on Tuesday, December 17th. StockNews.com raised Diamondback Energy from a “sell” rating to a “hold” rating in a research note on Wednesday, November 13th. Truist Financial boosted their target price on Diamondback Energy from $236.00 to $238.00 and gave the company a “buy” rating in a research note on Wednesday, February 19th. UBS Group boosted their price target on Diamondback Energy from $212.00 to $216.00 and gave the company a “buy” rating in a report on Thursday, February 13th. Finally, Royal Bank of Canada restated an “outperform” rating and issued a $210.00 price target on shares of Diamondback Energy in a report on Thursday, January 23rd. Four research analysts have rated the stock with a hold rating, eighteen have given a buy rating and two have issued a strong buy rating to the company’s stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $216.09.

Diamondback Energy Price Performance

Shares of NASDAQ FANG opened at $158.96 on Friday. The business’s 50 day moving average price is $165.42 and its two-hundred day moving average price is $175.19. The company has a market cap of $46.41 billion, a PE ratio of 9.10, a price-to-earnings-growth ratio of 1.24 and a beta of 1.86. The company has a quick ratio of 0.42, a current ratio of 0.45 and a debt-to-equity ratio of 0.31. Diamondback Energy, Inc. has a twelve month low of $151.00 and a twelve month high of $214.50.

Diamondback Energy (NASDAQ:FANG) last announced its quarterly earnings results on Tuesday, February 25th. The oil and natural gas company reported $3.64 earnings per share for the quarter, topping analysts’ consensus estimates of $3.57 by $0.07. The firm had revenue of $3.71 billion for the quarter, compared to the consensus estimate of $3.55 billion. Diamondback Energy had a return on equity of 13.68% and a net margin of 33.64%. On average, analysts predict that Diamondback Energy, Inc. will post 15.49 EPS for the current year.

Diamondback Energy Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, March 13th. Shareholders of record on Thursday, March 6th will be given a dividend of $1.00 per share. This represents a $4.00 dividend on an annualized basis and a yield of 2.52%. The ex-dividend date of this dividend is Thursday, March 6th. This is an increase from Diamondback Energy’s previous quarterly dividend of $0.90. Diamondback Energy’s payout ratio is 25.32%.

About Diamondback Energy

Diamondback Energy, Inc, an independent oil and natural gas company, acquires, develops, explores, and exploits unconventional, onshore oil and natural gas reserves in the Permian Basin in West Texas. It focuses on the development of the Spraberry and Wolfcamp formations of the Midland basin; and the Wolfcamp and Bone Spring formations of the Delaware basin, which are part of the Permian Basin in West Texas and New Mexico.